A supreme Court Judge made the comment that mediation is a \u201cno-brainer\u201d for business and she particularly singled out legal disputes involving the banking and insurance sectors.<\/p>\n
Speaking at recent Irish Commercial Mediation Association function (ICMA) Justice Fidelma Macken said that a significant amount of money was unnecessarily spent on litigation where it was obvious that a more appropriate and effective option may have been mediation.<\/p>\n
In Ireland the cost of litigation is estimated to be over twice as high as in other countries. Typically costs for a \u20ac200,000 claim run to over \u20ac50,000 while in the rest of Europe the cost for a similar claim would be nearer \u20ac25,000.<\/p>\n
When this is compared to the cost of mediation on the exact same amount, the figure drops dramatically down to \u20ac7,000.<\/p>\n
Judge Macken also pointed out the significant amount of time spent preparing for and actually going to court.<\/p>\n
\u201cAnything that can be done to prevent people spending time away from their business at the moment needs to be taken seriously,\u201d she said.<\/p>\n
Statistics show that on average a legal business dispute can take up to 500 days to resolve where, according to the ICMA, mediation takes in the region of 40 days to decide.<\/p>\n
Copyright \u00a9 2011, DPNLIVE \u2013 All Rights Reserved<\/p>\n","protected":false},"excerpt":{"rendered":"
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